Bitcoingold's (BTG) hardfork on October 25thsteemCreated with Sketch.

in btc •  last year

On October 25th, The Bitcoin blockchain is set to hard fork once again and generate a new cryptocurrency by the name of Bitcoin Gold with the ticker BTG.

bitcoin-hard-fork-statement-cryptopay.png

A wallet for the BTG will not be available immediately and this may cause a delay for a few weeks or even over a month. Those with existing private keys that contain a BTC balance may not end up with the credited BTG immediately, which is a concern for ease of access etc.

There are a few things to consider on this particular topic:

Why another fork?

Who will support it & match your BTC balance?

What are the benefits that this may bring?

What I personally think about it, what its market share will be and where I believe it will be priced around.

Why another fork?

A fork is usually determined and decided upon when consensus it not reached between the different parties that currently either mine or support BTC in anyway. BTG supporters from my personal perspective believe that mining should be equal to all the participants, and that is not possible currently with the ASIC ( application-specific integrated circuit ) miners as it brings a open ledger system to be centralised and in the hands of a few major mining operations.

Who will support & match your BTC balance?

Bitfinex
New CFD exchange - Bitstar
Bitexchange

If any others decide or you know of any others please let me know so I can update this list, please understand there will be others that will come fourth and decide to match your balance closer to October 25th.

What are the benefits this may bring ?

They are switching from the infamous SHA-256 algorithm which allows these ASIC miners to have an advantage over the general miners (CPU but more GPU mining as a CPU will barely do anything these days at the block height we are at, considering thats the difficulty that BTG will come out at).

The objective of Bitcoin Gold is to compete with GPU mineable coins, Ethereum & Zcash in particular in order to increase mining decentralization, and protect the Bitcoin ecosystem, so they believe.

What I personally think about it, what its market share will be and where I believe it will be priced around.

This one intrigues me, it goes back on what Satoshi really wanted, a decentralised open ledger system, so I particularly like the fact that they have moved over to Equihash to give people more opportunity, but then again with ETH moving onto POS (proof of stake) we will have the GPU farms out there targeting BTG, so the solution is only temporary in my eyes.

I don't believe BTG will have as much of an impact that Bitcoincash did. A lot of people experienced BCH and saw through the cracks, you cant just generate $$$ out of thin air, its unethical to say the least, and if thats what crypto has come to, then we might as well ditch it and keep the broken FIAT system we already have.

I believe BTG will hit the market around the $50-$150 USD range. Why such a volatile range... because most people dump it once they receive it, and others believe its cheap at that point and buy it. In my opinion, it should start at $1.00 USD and see if there is demand for it, and that goes for anything that is forking BTC.

Please let me know what you think, I have done my absolute best to share my views on this Fork.

I will be doing a complete report on the ETH fork, not that it is generating a new coin but what they are implementing is quite interesting.

Rev Nissan

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Great analysis @RevNissan. I have Resteemed the post!

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Thanks my man!

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Boss Very great to see you here ! :) @hilarski :)

I like that idea of starting at $1 and seeing if there is demand. Too many Hardforks will be bad for cryptos in my opinion. Very similar to fiat in creating money out of nothing.

Thanks for the post.
I actually have written a similar article, but from a different point of view: https://steemit.com/cryptocurrency/@bluephoenix/bitcoin-gold-and-how-to-deal-with-it-as-investors

Personally, i think BTG will live truly to Satoshi's wish - a decentralize currency where power is dedicated to the mass. But I agree with your point, many GPU farms will target BTG for short term gain after ETH moves to PoS. However, the number of POWERFUL GPU farms is far less than those ASIC, and normal people can join the mining business as well. Thus, the power will be more decentralized compare to those BTC and BCH and also LTC...etc.

The question now is what the "owner" of this BTG will do in the long term. I have checked their website and seems like nothing is solid over there (still pretty early to judge). Is this another "vapourware" coin that creates money out of thin-air? Honestly it is hard to say. If BTG has a good team, a solid roadmap and a clear mission, it will survive... otherwise, this will be another "sh!t show".

Btw, upvoted and followed :).

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awesome thanks for sharing, gave you an upvote on it, will read it soon

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But...did Satoshi like premines? https://github.com/BTCGPU/BTCGPU/pull/2

Bitcoin cash reached price of 900 dollars then fell to 350 now.

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but bitcoin cash got support from bitcoin unlimited how will support bitcoin gold

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you will not loose anything, free money.

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that i agree :) but i more worried about the segwit2x fork.

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No worries, your bitcoins in the wallet.

Its really very informative post

Isn't Coinbase planning to support the Fork ? https://news.bitcoin.com/coinbase-reveals-2x-fork-plans/

Thank you once again for sharing your insight and knowledge! I have just recently gotten into crypto and am thirsty to learn all I can. I follow you both here and on facebook and have found it very helpful and beneficial!

Thanks Revv! Always keeping it real.

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your welcome, thanks!

Fellow CCT member here and new to Steemit. Love your work man. Always providing the goods

Good read. Your posts are nice. Followed. I'm new here. And I'm a dev and crypto trader. I'm planning to do posts like this one too. Would love to collaborate.
Cheers,
@amratesh

PS: check out my recent post, maybe you will learn something interesting too..

I like the way you think? Great job. It will definately be interesting to see what happens after the fork.

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Thanks, definitely will be an interesting one to say the least

Thanks Revv, simple and clear explanation

Is this the new trend with bitcoin? Smells fishy.

Thanks for sharing @revnissan.
Upvoted and resteemed :-)

What about HUGE PREMINE in this fork?

I've heard that Bittrex will accept it as well but this is unconfirmed.

Price should be zero.

I have been trying to find out about BTG and your article is one of the first that actually explained it well.
Coinbase also says that they will support Bitcoin Gold.
A message that I got from Trezor stated:
"We are still evaluating coming Bitcoin forks.
After the last hard fork, we won't promise anything before knowing fully what we are dealing with.
Will announce our intentions in a timely manner."

I think masses will see this differently. They will see the Bitcoin price and think BTG will reach the same price or even more. The name already "Bitcoin Gold" has a psychological effect. I think its good to dump it and then buy back in .

Regular Joe, who dont know much about cryptocurrency will buy in.

Thanks for the post :)

Thanks for the information. Upvoted and resteemed. Too bad all those views didn't get translate into upvote $. This news is timely and wish I knew about what was going down sooner.

"you cant just generate $$$ out of thin air, its unethical to say the least, and if thats what crypto has come to, then we might as well ditch it and keep the broken FIAT system we already have."

I agree. It just doesn't add up. I feel that if this trend continues throughout crypto - something is bound to break.

Thanks!

Same with BCH how will we ever really know how many coins have been claimed and how many are in lost/dormant accounts?

@revNissan, As you told us in your FB live video, please post your 2k /10k packages for long term holds. Appreciate the effort man !